BOJ Raises Interest Rates to 1% as Inflation Pressures Persist 
China Submarine Missile Test Sparks Concern Across Asia-Pacific 
Trump Offers to Help Advance Ukraine Peace Talks in Call With Putin 
Khamenei Funeral Draws Thousands as Iran Stages Nationwide Week of Mourning 
Asian Markets Slip as AI Earnings Season Looms, Oil Prices Fall Ahead of Key Fed Signals 
Japan Signals Surprise Yen Intervention Strategy as BOJ Hawkish Stance Puts FX Traders on Alert 
China Keeps Loan Prime Rates Unchanged for 13th Straight Month as Policymakers Prioritize Credit Demand Recovery 
BoE Policymaker Alan Taylor Signals No Need for Interest Rate Hike Amid Iran War Inflation Risks 
RBA Expected to Hold Interest Rates at 4.35% as Markets Watch AUD/USD and ASX 200 
Japan Signals Readiness to Act on Yen as Intervention Speculation Grows 
Turkey Vehicle Sales Fall 11.4% in June as Auto Market Weakens 
Denmark Central Bank Intervenes to Support Krone Peg Against Euro 
Japan Defense Stocks Rally on Report of New Defense Ministry Bureau for Global Cooperation 
Trump Marks America’s 250th Anniversary With National Mall Rally Amid Political Divide 
Fed Chair Kevin Warsh Signals Policy Overhaul as Hawkish Rate Outlook Rattles Markets 
Iran Begins Oil Sale Talks With Japan Under U.S. Sanctions Waiver Amid Shipping Risks 
U.S. President Donald Trump is set to officially swear in Kevin Warsh as the new chair of the Federal Reserve on Friday at the White House, marking a major leadership shift at the U.S. central bank. Warsh was confirmed by the Senate on May 13 in a narrowly divided vote, largely along party lines.
Warsh replaces Jerome Powell as Fed chair, although Powell will remain on the Federal Reserve Board as a governor until January 2028. The 56-year-old former Fed governor will serve a four-year term as chair alongside a 14-year term on the board.
Trump selected Warsh as part of his broader push for lower interest rates and a more aggressive reduction of the Federal Reserve’s balance sheet. Warsh has consistently supported looser monetary policy and is expected to oppose additional rate hikes unless inflation significantly worsens.
His appointment comes at a critical moment for the U.S. economy. Federal Reserve officials are debating whether further policy tightening is necessary to control inflation pressures tied to geopolitical tensions and Trump’s military conflict with Iran. Minutes from the Fed’s April meeting showed that many policymakers believe additional rate increases may be needed if inflation remains above the central bank’s 2% target.
Warsh previously served as a Fed governor from 2006 to 2011 after being appointed during the George W. Bush administration. At age 35, he became one of the youngest members ever to join the Federal Reserve Board.
Trump frequently criticized Powell during his presidency for not cutting rates fast enough, openly calling him “Too Late” and questioning the Fed’s independence. Although the Trump administration pushed for closer alignment between Federal Reserve policy and White House economic goals, Warsh stated during his confirmation hearings that he intends to preserve the central bank’s autonomy.
Warsh’s leadership is expected to face intense political and economic scrutiny as markets closely monitor future Federal Reserve interest rate decisions in 2026.
